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Zomato breaks even, says will be profitable by next June
Posted on: 08/Feb/2016 5:10:13 PM
Food search and delivery app Zomato said that it has broken even in a few markets including India. It said that it will make a profit by June next year. Zomato is one of the very few Indian start ups that have made a mark abroad.
A source has said that Zomato is seeking funding of $200 million, which is around Rs. 1360 crore. According to the source, talks are on for investment with Chinese conglomerates Alibaba Group and Baidu Inc.
Speaking about the its performance, Zomato has said that it has broken even in India, UAE, Indonesia and three other markets in Southeast Asia and the Middle East. An official from Zomato said, The fundamental model of our business is that in mature markets we should make profits and they shouldn`t need any more outside money to grow.
Zomato is functional in 17 countries other than India, including the United States, Britain and Australia. Its investors include biggies such as Temasek, Sequoia and Info Edge. Up till now, the company has raised funding of $225 million, which is around Rs. 1500 crore.
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